prescient therapeutics limited appendix 4d half...

Prescient Therapeutics Limited Appendix 4D Half-year report

1. Company details Name of entity: Prescient Therapeutics Limited ABN: 56 006 569 106 Reporting period: For the half-year ended 31 December 2017 Previous period: For the half-year ended 31 December 2016

2. Results for announcement to the market $ Revenues from ordinary activities down 3.1% to 68,187 Loss from ordinary activities after tax attributable to the owners of Prescient Therapeutics Limited

up

15.2%

to

(1,180,179)

Loss for the half-year attributable to the owners of Prescient Therapeutics Limited

up

15.2%

to

(1,180,179)

Dividends There were no dividends paid, recommended or declared during the current financial period. Comments The loss for the consolidated entity after providing for income tax amounted to $1,180,179 (31 December 2016: $1,024,096). The loss for the half-year to 31 December 2017 increased by $156,083 to the previous corresponding period due to an increase in corporate and research and development expenditure and reduction in the research and development incentive tax rebate amount receivable as at 31 December 2017.

3. Net tangible assets

Reporting

period Previous

period Cents Cents Net tangible assets per ordinary security 3.46 3.98

4. Control gained over entities Not applicable.

5. Loss of control over entities Not applicable.

6. Dividends Current period There were no dividends paid, recommended or declared during the current financial period. Previous period There were no dividends paid, recommended or declared during the previous financial period.

Prescient Therapeutics Limited Appendix 4D Half-year report

7. Dividend reinvestment plans Not applicable.

8. Details of associates and joint venture entities Not applicable.

9. Foreign entities Details of origin of accounting standards used in compiling the report: Not applicable.

10. Audit qualification or review Details of audit/review dispute or qualification (if any): The financial statements were subject to a review by the auditors and the review report is attached as part of the Interim Report.

11. Attachments Details of attachments (if any): The Interim Report of Prescient Therapeutics Limited for the half-year ended 31 December 2017 is attached.

12. Signed Signed ___________________________ Date: 27 February 2018 Mr Steven Engle Non-Executive Chairman

Prescient Therapeutics Limited ABN 56 006 569 106

Interim Report - 31 December 2017

Prescient Therapeutics Limited Contents 31 December 2017

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Corporate directory 2 Directors' report 3 Auditor's independence declaration 6 Statement of profit or loss and other comprehensive income 7 Statement of financial position 8 Statement of changes in equity 9 Statement of cash flows 10 Notes to the financial statements 11 Directors' declaration 15 Independent auditor's review report to the members of Prescient Therapeutics Limited 16

Prescient Therapeutics Limited Corporate directory 31 December 2017

2

Directors Mr Steven Yatomi-Clarke (Managing Director and CEO) Mr Steven Engle (Non-executive Chairman) Mr Paul Hopper (Executive Director) Dr James Campbell (Non-executive Director) Company secretary Ms Melanie Leydin Registered office Level 4, 100 Albert Road South Melbourne, VIC 3205 PH: 03 9692 7222 Principal place of business Level 4, 100 Albert Road South Melbourne VIC 3205 Share register Automic Registry Services Level 3 50 Holt Street Surrey Hills NSW 2010 PH: 1300 288 664 Auditor Ernst & Young 8 Exhibition Street Melbourne VIC 3000 Stock exchange listing Prescient Therapeutics Limited shares are listed on the Australian Securities

Exchange (ASX codes: PTX and PTXO) Website www.prescienttherapeutics.com

Prescient Therapeutics Limited Directors' report 31 December 2017

3

The directors present their report, together with the financial statements, on the consolidated entity (referred to hereafter as the 'consolidated entity') consisting of Prescient Therapeutics Limited (referred to hereafter as the 'company' or 'parent entity') and the entities it controlled at the end of, or during, the half-year ended 31 December 2017. Directors The following persons were directors of Prescient Therapeutics Limited during the whole of the financial half-year and up to the date of this report, unless otherwise stated: Mr Steven Engle Mr Paul Hopper Dr James Campbell Mr Steven Yatomi-Clarke Principal activities During the financial half-year the principal continuing activities of the consolidated entity consisted of: ● the preparation for and conduct of clinical trials relating to the Company's products; ● business development associated with the promotion of Prescient's proprietary technologies and products; and ● business development associated with developing collaborative, partnership relationships and corporate transactions. Review of operations The loss for the consolidated entity after providing for income tax amounted to $1,180,179 (31 December 2016: $1,024,096). The consolidated entity has accounted for an estimated research and development incentive tax rebate for the half year amounting to $388,504. The loss for the half-year to 31 December 2017 increased by $156,083 to the previous corresponding period due to an increase in corporate and research and development expenditure and reduction in the research and development incentive tax rebate amount receivable as at 31 December 2017. The net assets of the consolidated entity decreased by $1,118,252 to $10,666,701 as at 31 December 2017 (30 June 2017: $11,784,953). The consolidated entity's working capital position, being current assets less current liabilities decreased by $1,116,962 to $7,303,116 (30 June 2017: $8,420,078). The Directors believe the consolidated entity is in a strong and stable position to expand and grow its current operations. Below is a summary of the Company’s operations during the period. PTX-200 Prescient’s novel PTX-200 technology inhibits an important tumor survival pathway known as Akt, which plays a key role in the development of many cancers. Prescient is in clinical stages evaluating PTX-200 as a treatment for breast cancer, ovarian cancer and Acute Myeloid Leukemia (AML). Prescient’s three clinical trials with PTX-200 were placed on hold by the U.S. Food and Drug Administration (FDA) after a serious adverse event on it breast cancer study. Prescient was able to obtain the lifting of the clinical holds on all three PTX-200 trials during the half-year period. Breast Cancer Prescient is in Phase 1b/2 of a trial testing PTX-200 in combination with chemotherapy agent paclitaxel as standard of care for the treatment of metastatic and locally advanced breast cancer at the Albert Einstein College of Medicine and Cancer Center in New York, as well the H. Lee Moffitt Cancer Center (Moffitt) in Florida. In particular, Prescient is focusing on HER2 negative breast cancer, which is characterized by a high level of unmet clinical need. As noted above, the FDA granted the removal of the clinical hold on the Company’s trial during the half year and the Company is in the process of resuming recruitment of patients for this trial, which is now in Phase 2.


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Acute Myeloid Leukemia (AML) Prescient is also evaluating PTX-200 in patients with refractory or relapsed AML in a Phase 1b trial combining PTX-200 with the chemotherapeutic agent cytarabine, following encouraging results from a previous Phase 1 study of PTX-200 as a monotherapy in acute leukemias. This trial is led by Principal Investigator Professor Jeffrey Lancet, a world renowned hematologist at the Moffitt. During the half year, the Company resumed recruitment of patients for this trial. Ovarian Cancer The third trial is a Phase 1b/2 trial of PTX-200 in combination with carboplatin (current standard of care chemotherapy), underway in patients with recurrent or persistent platinum resistant ovarian cancer at the Moffitt. Hyper-phosphorylated Akt is a key feature of platinum-resistant ovarian cancer, and these patients no longer respond to conventional chemotherapies like carboplatin. Following removal of the clinical hold, the Company made further protocol changes and is in the process of resuming recruitment of patients for this trial recruitment of patients for this trial. PTX-100 Prescient’s second novel drug candidate, PTX-100 is a first in class compound with the ability to block an important cancer growth enzyme known as geranylgeranyl transferase (GGT). In June 2017, the Company announced the results of PTX-100’s pre-clinical study which were published in the scientific journal Nature. Nature is regarded as one of the world’s most cited and prestigious scientific publications. These results indicated that PTX-100 plays a key role in mitigating a new cancer pathway discovered by Professor Michele Pagano at New York University’s Langone Medical Center, in New York. Professor Pagano’s study also showed in mouse models that when administered with PTX-100, plus photodynamic therapy, a protein known as FBXL2 is “switched-off” allowing abnormal cells to self-destruct. Therefore, patients whose tumors harbor defective PTEN may also be more likely to respond to a combination of PTEN and photodynamic therapy. These findings have important translational implications for Prescient as patients whose tumors harbor defective PTEN may be more likely to respond to a combination of PTX-100 and photodynamic therapy. Prescient continues to prepare for the commencement of a clinical trial of PTX-100 in hemtaological and gastric malignancies. Manufacturing The Company is in the process of manufacturing PTX-100 and additional supply of PTX-200 to meet the requirements of its clinical trials. Intellectual Property During the year, the Company bolstered its intellectual property portfolio, with key patents granted in the US and Europe that underpin the development and commercialization of lead drug candidate PTX-200. In the September quarter, the Company announced that the US Patent and Trademark Office (USPTO) had issued two notices of allowance under the PTX-200 patent families “Effective treatment of tumors and cancer with triciribine and related compounds” and “Compositions including triciribines and taxanes and methods of use thereof”.


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In March, the issue of three additional US patents was announced. These patents include a platform method of treatment for identifying and treating a patient having a tumor with enhanced sensitivity to TCN, a method for treating esophageal adenocarcinoma which overexpress Akt kinase and a method for treating cancers which overexpress Akt in combination with trastuzumab. Prescient also announced the granting of an additional patent in Europe in May. This patent is entitled “Effective treatment of tumors and cancers with triciribine and related compounds” and it covers particular therapeutic regimens of triciribine phosphate and compositions with reduced toxicity for the treatment of tumors, and cancer. Significant changes in the state of affairs There were no significant changes in the state of affairs of the consolidated entity during the financial half-year. Auditor's independence declaration A copy of the auditor's independence declaration as required under section 307C of the Corporations Act 2001 is set out immediately after this directors' report. This report is made in accordance with a resolution of directors, pursuant to section 306(3)(a) of the Corporations Act 2001. On behalf of the directors ___________________________ Mr Steven Engle Non-Executive Chairman 27 February 2018

A member firm of Ernst & Young Global Limited

Liability limited by a scheme approved under Professional Standards Legislation

Ernst & Young 8 Exhibition Street Melbourne VIC 3000 Australia GPO Box 67 Melbourne VIC 3001

Tel: +61 3 9288 8000 Fax: +61 3 8650 7777 ey.com/au

Auditor’s Independence Declaration to the Directors of Prescient Therapeutics Limited

As lead auditor for the review of Prescient Therapeutics Limited for the half-year ended 31 December 2017, I declare to the best of my knowledge and belief, there have been:

a) no contraventions of the auditor independence requirements of the Corporations Act 2001 in relation to the review; and

b) no contraventions of any applicable code of professional conduct in relation to the review. This declaration is in respect of Prescient Therapeutics Limited and the entities it controlled during the financial period.

Ernst & Young

Joanne Lonergan Partner 27 February 2018

Prescient Therapeutics Limited Statement of profit or loss and other comprehensive income For the half-year ended 31 December 2017

Consolidated

Note 31 December

2017 31 December

2016 $ $

The above statement of profit or loss and other comprehensive income should be read in conjunction with the accompanying notes

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Revenue 68,187 70,381 Other income 4 388,504 493,040 Expenses Research and development costs (897,078) (847,760) Corporate expenses (338,604) (301,629) Administrative expenses (145,831) (151,491) Foreign exchange (28,454) 18,736 Employment expenses (164,977) (277,505) Share based payments (61,926) (27,868) Loss before income tax expense (1,180,179) (1,024,096) Income tax expense - - Loss after income tax expense for the half-year attributable to the owners of Prescient Therapeutics Limited

(1,180,179)

(1,024,096)

Other comprehensive income for the half-year, net of tax - - Total comprehensive income for the half-year attributable to the owners of Prescient Therapeutics Limited

(1,180,179)

(1,024,096)

Cents Cents Basic earnings per share 11 (0.56) (0.49) Diluted earnings per share 11 (0.56) (0.49)

Prescient Therapeutics Limited Statement of financial position As at 31 December 2017

Consolidated

Note 31 December

2017 30 June 2017

$ $

The above statement of financial position should be read in conjunction with the accompanying notes 8

Assets Current assets Cash and cash equivalents 5,987,324 7,645,388 Trade and other receivables 17,366 21,822 Short Term Investments 20,000 20,000 Other Current Assets 5 1,551,884 1,173,514 Total current assets 7,576,574 8,860,724 Non-current assets Property, plant and equipment 3,029 2,230 Intangibles 3,366,897 3,366,894 Total non-current assets 3,369,926 3,369,124 Total assets 10,946,500 12,229,848 Liabilities Current liabilities Trade and other payables 212,541 400,587 Employee benefits 60,917 40,059 Total current liabilities 273,458 440,646 Non-current liabilities Employee benefits 6,341 4,249 Total non-current liabilities 6,341 4,249 Total liabilities 279,799 444,895 Net assets 10,666,701 11,784,953 Equity Issued capital 6 55,497,148 55,497,148 Reserves 7 790,616 728,689 Accumulated losses (45,621,063) (44,440,884) Total equity 10,666,701 11,784,953

Prescient Therapeutics Limited Statement of changes in equity For the half-year ended 31 December 2017

The above statement of changes in equity should be read in conjunction with the accompanying notes 9

Issued Share Based

Payments

Retained Share Loan

Plan

Total equity capital Reserves profits Reserve

Consolidated $ $ $ $ $ Balance at 1 July 2016 54,276,559 609,214 (41,873,251) - 13,012,522 Loss after income tax expense for the half-year

-

-

(1,024,096)

-

(1,024,096)

Other comprehensive income for the half-year, net of tax

-

-

-

-

-

Total comprehensive income for the half-year - - (1,024,096) - (1,024,096) Transactions with owners in their capacity as owners:

Share-based payments - 21,227 - 6,641 27,868 Conversion of Options 352 - - - 352 Contribution of equity 1,354,737 - - - 1,354,737 Capital Raising Fees (134,500) - - - (134,500) Balance at 31 December 2016 55,497,148 630,441 (42,897,347) 6,641 13,236,883

Issued Share Based

Payments

Retained Share Loan

Plan

Total equity capital Reserve profits Reserve Consolidated $ $ $ $ $ Balance at 1 July 2017 55,497,148 682,199 (44,440,884) 46,490 11,784,953 Loss after income tax expense for the half-year

-

-

(1,180,179)

-

(1,180,179)

Other comprehensive income for the half-year, net of tax

-

-

-

-

-

Total comprehensive income for the half-year - - (1,180,179) - (1,180,179) Transactions with owners in their capacity as owners:

Share-based payments - 22,079 - 39,848 61,927 Balance at 31 December 2017 55,497,148 704,278 (45,621,063) 86,338 10,666,701

Prescient Therapeutics Limited Statement of cash flows For the half-year ended 31 December 2017

Consolidated

31 December

2017 31 December

2016 $ $

The above statement of cash flows should be read in conjunction with the accompanying notes 10

Cash flows from operating activities Payments to suppliers (inclusive of GST) (1,725,061) (2,226,244) Interest received 69,442 37,899 R&D tax incentive received - 644,828 Net cash used in operating activities (1,655,619) (1,543,517) Cash flows from investing activities Payments for investments in 6 month term deposits - (3,520,000) Payments for property, plant and equipment (1,522) - Net cash used in investing activities (1,522) (3,520,000) Cash flows from financing activities Proceeds from issue of shares - 1,355,089 Capital raising costs - (134,500) Net cash from financing activities - 1,220,589 Net decrease in cash and cash equivalents (1,657,141) (3,842,928) Cash and cash equivalents at the beginning of the financial half-year 7,645,388 9,753,646 Effects of exchange rate changes on cash and cash equivalents (923) 18,733 Cash and cash equivalents at the end of the financial half-year 5,987,324 5,929,451

Prescient Therapeutics Limited Notes to the financial statements 31 December 2017

11

Note 1. General information The financial statements cover Prescient Therapeutics Limited as a consolidated entity consisting of Prescient Therapeutics Limited and the entities it controlled at the end of, or during, the half-year. The financial statements are presented in Australian dollars, which is Prescient Therapeutics Limited's functional and presentation currency. Prescient Therapeutics Limited is a listed public company limited by shares, incorporated and domiciled in Australia. Its registered office and principal place of business is: Level 4, 100 Albert Road South Melbourne, VIC, 3205 A description of the nature of the consolidated entity's operations and its principal activities are included in the directors' report, which is not part of the financial statements. The financial statements were authorised for issue, in accordance with a resolution of directors, on 27 February 2018. Note 2. Significant accounting policies These general purpose financial statements for the interim half-year reporting period ended 31 December 2017 have been prepared in accordance with Australian Accounting Standard AASB 134 'Interim Financial Reporting' and the Corporations Act 2001, as appropriate for for-profit oriented entities. Compliance with AASB 134 ensures compliance with International Financial Reporting Standard IAS 34 'Interim Financial Reporting'. These general purpose financial statements do not include all the notes of the type normally included in annual financial statements. Accordingly, these financial statements are to be read in conjunction with the annual report for the year ended 30 June 2017 and any public announcements made by the company during the interim reporting period in accordance with the continuous disclosure requirements of the Corporations Act 2001. The principal accounting policies adopted are consistent with those of the previous financial year and corresponding interim reporting period, unless otherwise stated. New or amended Accounting Standards and Interpretations adopted The consolidated entity has adopted all of the new or amended Accounting Standards and Interpretations issued by the Australian Accounting Standards Board ('AASB') that are mandatory for the current reporting period. Any new or amended Accounting Standards or Interpretations that are not yet mandatory have not been early adopted. Going concern The financial report has been prepared on the going concern basis, which assumes continuity of normal business activities and the realisation of assets and the settlement of liabilities in the ordinary course of business. The working capital position as at 31 December 2017 of the consolidated entity results in an excess of current assets over current liabilities of $7,303,116 (30 June 2017: $8,420,078 excess). The consolidated entity made a loss after tax of $1,180,179 during the financial half-year (2016: $1,024,096 from continuing operations) and the net operating cash outflow was $1,655,619 (2016: $1,543,517 net outflow). The cash balance (being the total of cash and cash equivalents and short term investments) as at 31 December 2017 was $5,987,324 (30 June 2017: $7,645,388). The Directors are of the opinion that the existing cash reserves will provide the Company with adequate funds to ensure its continued viability and operate as a going concern. The Company continues to closely monitor expenditure, and the Board is confident that it will be able to manage its cash resources appropriately without negatively impacting upon planned activities. On this basis the directors consider that the consolidated entity remains a going concern and these financial statements have been prepared on this basis.


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Note 3. Operating segments Identification of reportable operating segments The Company operated predominately in the clinical stage oncology industry within Australia. AASB 8 requires operating segments to be identified on the basis of internal reports about the components of the Group that are regularly reviewed by the chief operating decision maker in order to allocate resources to the segment and to assess its performance. The board reviews the Company as a whole in the business segment of clinical stage oncology within Australia. Note 4. Other income Consolidated

31 December

2017 31 December

2016 $ $ Research and Development Tax Incentive 388,504 493,040 Effective 1 July 2011, the R&D tax incentive regime replaced the R&D tax concession. Under this regime, Prescient, having expected aggregated annual turnover of under $20 million, is entitled to a refundable R&D credit of 43.5% (2016: 43.5%) on the eligible R&D expenditure incurred on eligible R&D activities. The 43.5% (2016: 43.5%) refundable R&D tax offset is accounted for under AASB 120 Accounting for Government Grants and Disclosure of Government Assistance and is recorded as ‘other income’ in the Statement of profit or loss & other comprehensive income. During the half year ended 31 December 2017 the consolidated entity has recognised a receivable of $388,504 (2016: $493,040). Note 5. Current assets - Other Current Assets Consolidated

31 December

2017 30 June 2017

$ $ R&D tax incentive receivable 1,446,526 1,058,021 Prepayments 105,358 115,493 1,551,884 1,173,514 Note 6. Equity - issued capital Consolidated

31 December

2017 30 June 2017

31 December 2017

30 June 2017

Shares Shares $ $ Ordinary shares - fully paid 211,250,107 211,250,107 55,497,148 55,497,148 Ordinary shares Ordinary shares entitle the holder to participate in dividends and the proceeds on the winding up of the company in proportion to the number of and amounts paid on the shares held. The fully paid ordinary shares have no par value and the company does not have a limited amount of authorised capital. On a show of hands every member present at a meeting in person or by proxy shall have one vote and upon a poll each share shall have one vote. Share buy-back There is no current on-market share buy-back.


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Note 7. Equity - reserves Consolidated

31 December

2017 30 June 2017

$ $ Share based payments reserve 704,278 682,199 Share loan plan reserve 86,338 46,490 790,616 728,689 Share based payments reserve This reserve is used to recognise the value of equity benefits provided to employees and directors as part of their remuneration, and other parties as part of their compensation for services. Share loan plan reserve This reserve is used to recognise the value of equity benefits provided to employees and directors as part of their remuneration, and other parties as part of their compensation for services. On 30 November 2016, shareholders approved the Company's proposal to issue up to 8,000,000 Loan Funded Shares (LFS) with an expiry date of 30 November 2021 to the Company’s Managing Director, Mr Steven Yatomi-Clarke, by way of a non-recourse, interest-free loan. The loan is repayable at any time or is repayable immediately if the participant ceases to be an employee. If the employee sells the shares, the shares are payable on the date of receipt of the funds. The initial tranche of 2,000,000 shares was issued at $0.094 (9.4 cents) on 21 December 2016. The second tranche, of 2,000,000 shares will be issued when the 5-day VWAP of the ordinary shares in the Company reaches $0.15 (15 cents) prior to the expiry date; the third tranche of 2,000,000 shares will be issued when the 5-day VWAP of the ordinary shares in the Company reaches $0.22 (22 cents) prior to the expiry date; and the fourth and final tranche of 2,000,000 shares will be issued when the 5-day VWAP of ordinary shares in the Company reaches $0.29 (29 cents) prior to the expiry date. Note 8. Equity - dividends There were no dividends paid, recommended or declared during the current or previous financial half-year. Note 9. Contingent assets and contingent liabilities There are no contingent assets and contingent liabilities that need disclosure in the financial statements of the Group. Note 10. Events after the reporting period Subsequent to 31 December 2017, the consolidated entity received $1,058,021 relating to the research and development tax incentive rebate for the 2017 financial year. No other matter or circumstance has arisen since 31 December 2017 that has significantly affected, or may significantly affect the consolidated entity's operations, the results of those operations, or the consolidated entity's state of affairs in future financial years. Note 11. Earnings per share Consolidated

31 December

2017 31 December

2016 $ $ Loss after income tax attributable to the owners of Prescient Therapeutics Limited (1,180,179) (1,024,096)


Note 11. Earnings per share (continued)

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Number Number Weighted average number of ordinary shares used in calculating basic earnings per share 209,957,838 208,686,639 Weighted average number of ordinary shares used in calculating diluted earnings per share 209,957,838 208,686,639 Cents Cents Basic earnings per share (0.56) (0.49) Diluted earnings per share (0.56) (0.49) The rights to options held by option holders have not been included in the weighted average number of ordinary shares for the purposes of calculating diluted EPS as they do not meet the requirements for inclusion in AASB 133 ‘Earnings Per Share’. The rights to options are non-dilutive as the consolidated entity is loss generating.

Prescient Therapeutics Limited Directors' declaration 31 December 2017

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In the directors' opinion: ● the attached financial statements and notes comply with the Corporations Act 2001, Australian Accounting Standard

AASB 134 'Interim Financial Reporting', the Corporations Regulations 2001 and other mandatory professional reporting requirements;

● the attached financial statements and notes give a true and fair view of the consolidated entity's financial position as

at 31 December 2017 and of its performance for the financial half-year ended on that date; and ● there are reasonable grounds to believe that the company will be able to pay its debts as and when they become due

and payable. Signed in accordance with a resolution of directors made pursuant to section 303(5)(a) of the Corporations Act 2001. On behalf of the directors ___________________________ Mr Steven Engle Non-Executive Chairman 27 February 2018



Ernst & Young 8 Exhibition Street Melbourne VIC 3000 Australia GPO Box 67 Melbourne VIC 3001

Tel: +61 3 9288 8000 Fax: +61 3 8650 7777 ey.com/au

Independent Auditor's Review Report to the Members of Prescient Therapeutics Limited

Report on the Half-Year Financial Report

Conclusion

We have reviewed the accompanying half-year financial report of Prescient Therapeutics Limited (the Company) and its subsidiaries (collectively the Group), which comprises the statement of financial position as at 31 December 2017, the statement of profit and loss and other comprehensive income, statement of changes in equity and statement of cash flows for the half-year ended on that date, notes comprising a statement of significant accounting policies and other explanatory information, and the directors’ declaration.

Based on our review, which is not an audit, nothing has come to our attention that causes us to believe that the half-year financial report of the Group is not in accordance with the Corporations Act 2001, including:

a) giving a true and fair view of the consolidated financial position of the Group as at 31 December 2017 and of its consolidated financial performance for the half-year ended on that date; and

b) complying with Accounting Standard AASB 134 Interim Financial Reporting and the Corporations Regulations 2001.

Directors’ Responsibility for the Half-Year Financial Report

The directors of the Company are responsible for the preparation of the half-year financial report that gives a true and fair view in accordance with Australian Accounting Standards and the Corporations Act 2001 and for such internal control as the directors determine is necessary to enable the preparation of the half-year financial report that is free from material misstatement, whether due to fraud or error.

Auditor’s Responsibility

Our responsibility is to express a conclusion on the half-year financial report based on our review. We conducted our review in accordance with Auditing Standard on Review Engagements ASRE 2410 Review of a Financial Report Performed by the Independent Auditor of the Entity, in order to state whether, on the basis of the procedures described, anything has come to our attention that causes us to believe that the half-year financial report is not in accordance with the Corporations Act 2001 including: giving a true and fair view of the Group’s consolidated financial position as at 31 December 2017 and its consolidated financial performance for the half-year ended on that date; and complying with Accounting Standard AASB 134 Interim Financial Reporting and the Corporations Regulations 2001. As the auditor of the Group, ASRE 2410 requires that we comply with the ethical requirements relevant to the audit of the annual financial report.

A review of a half-year financial report consists of making enquiries, primarily of persons responsible for financial and accounting matters, and applying analytical and other review procedures. A review is substantially less in scope than an audit conducted in accordance with Australian Auditing Standards and consequently does not enable us to obtain assurance that we would become aware of all significant matters that might be identified in an audit. Accordingly, we do not express an audit opinion.



Independence

In conducting our review, we have complied with the independence requirements of the Corporations Act 2001.

Ernst & Young

Joanne Lonergan Partner Melbourne 27 February 2018

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